The muni market in 2025 is shaped by shifting supply, political headlines, and an evolving rate environment and investors are watching closely.

In this episode, host Chris Roberti is joined by Ian France, Credit Analyst and Portfolio Manager at MacKay Municipal Managers, to unpack the key trends so far this year. From elevated new issuance and lackluster flows to cheapened ratios and sector-specific risks, Ian offers a clear-eyed view of what’s driving market behavior. They discuss credit dynamics post-U.S. downgrade, why healthcare is under the microscope, and how the latest federal legislation impacts tax exemption. The conversation also highlights the value of active management and where opportunities exist on the curve, especially in AMT bonds and long-duration credits.

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MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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